Cyber & IT Supervisory Forum - November 2023

Internal Use Only

DIGITAL ASSET INVESTMENT FRAUD/THEFT SCHEMES High Yield Investment Program Scams • High Yield Consistent Returns • Little to No Risk • Unclear/Vague Investing Strategies • Referral Bonuses • Significant Social Media Promotion • Identifiable Leadership Sh ā zH ū Pán • Chinese Term for “Pig Butchering” Scam • Expression Fatten the Hog before you kill it • Combines Features of Traditional Scams • Scammers Initiate Contact with Fake Profiles • Build Trust Before Suggesting Investment • Bad Actors Share Fake Financial Returns • Goal is to Steal Everything You Own Over Time

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Internal Use Only

SENIORS ARE A PRIME CYBERCRIME TARGET

FBI 2022 Cybercrime Losses by Age Group & Dollar Amount

$3.1 Billion

$1.8 Billion

$1.6 Billion

$1.3 Billion

$838.1 Million

$210.5 Million

Under 20

20-29

30-39

40-49

50-59

60+

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